Bangalore: Kingfisher Airlines Ltd would pursue legal remedies to
challenge the decision of state-run United Bank of India (UBI) to
declare it as a wilful defaulter, promoter and chairman Vijay Mallya
said Thursday.
"We will pursue all legal remedies available with us to challenge the bank's declaration, as we do not agree with its grievance redressal committee's findings," Mallya told reporters on the margins of the United Breweries Ltd's 15th annual general meeting here.
Claiming that the bank had not given the airline an opportunity to explain its position or appear before its panel Aug 28, Mallya said it would be premature for him to speculate on the outcome.
"I have already clarified our position through a statement on the same day (Sep 1) denying the allegations the bank made against us. I have faith in the country's judicial system," he asserted.
Kolkata-based UBI Monday declared the defunct airline, Mallya and three directors - A.K. Ganguly, Subhash R. Gupte and Ravi Nedungadi - as wilful defaulters after they failed to appear before its redressal panel over the non-payment of Rs.400 crore loan advanced to it in 2006-07.
Read news in full 04/09/14 Business Standard
"We will pursue all legal remedies available with us to challenge the bank's declaration, as we do not agree with its grievance redressal committee's findings," Mallya told reporters on the margins of the United Breweries Ltd's 15th annual general meeting here.
Claiming that the bank had not given the airline an opportunity to explain its position or appear before its panel Aug 28, Mallya said it would be premature for him to speculate on the outcome.
"I have already clarified our position through a statement on the same day (Sep 1) denying the allegations the bank made against us. I have faith in the country's judicial system," he asserted.
Kolkata-based UBI Monday declared the defunct airline, Mallya and three directors - A.K. Ganguly, Subhash R. Gupte and Ravi Nedungadi - as wilful defaulters after they failed to appear before its redressal panel over the non-payment of Rs.400 crore loan advanced to it in 2006-07.
Read news in full 04/09/14 Business Standard
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